The financial market challenges the banks face "result from both
economic developments as well as a myriad of regulatory changes," Fitch
said in an announcement issued shortly after regular market hours in New
York.

In a separate announcement about the downgrade of Citigroup, Fitch
cited "policy momentum" against using taxpayer money to support banks
during a crisis.

Fitch's actions follow downgrades by Standard & Poor's of several
major banks at the end of last month. S&P's moves came as part of
an overhaul of its ratings methods to incorporate lessons learned in the
financial crisis. Moody's also issued downgrades recently.

Jerry Dubrowski, a spokesman for Bank of America, which has had
ratings cut by all three agencies, said in an email, "This decision is
driven more by concerns about the global economy than the specific
credit quality of Bank of America. We continue to maintain strong
liquidity levels and to build capital."
Fitch on Thursday also affirmed its long-term 'A' ratings on JPMorgan
Chase & Co, Morgan Stanley and UBS AG , as well as its 'A+' rating
on Societe Generale.